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Earnest knows Englewood's current housing market

2015 saw the home values in Englewood going up by 11.5%. Home appreciation is up 14.1% (based on the last twelve months data). Currently, $205,900 is the median home value in Englewood, $281,900 is the median price of homes listed. The per-square-foot median list price is $171. Zillow predicts that, within the next year, home values will rise 5.1%. According to Sperling's Best Places, 30.09% of apartments and homes in Englewood are unoccupied. About 81% of Englewood residents are homeowners.
View of Miami facing south from Collins and 63rd with South Beach on the left and the city on the right.

Englewood offers a peaceful and relaxed life

Englewood is a place of historic interest, a paradise for historians

Englewood is home to 'The Heritage', an old beach house that was built by master carpenter Carl Johansen, which is now a great artist retreat. It is a haven for many musicians and artists. Buying a home in Englewood that is located near the Gulf water will let you enjoy coastal living. By making Englewood your home, you will be able to enjoy the best of both the city and the ocean. Englewood offers a number of leisure activities, you will never be bored living in Englewood. As per EPA, Englewood's air quality is very good. Englewood's median household income is $41,485. 96% of the people in Englewood commute by car, 2% via public transportation. The cost of living is lower than the US average. The crime rate is low. Englewood has many good schools and efficient healthcare facilities.
View of Miami facing south from Collins and 63rd with South Beach on the left and the city on the right.
Art deco district of South Beach in Florida USA

You can expect fair mortgage rates with Earnest

Getting or refinancing a mortgage with a fair rate is a breeze with Earnest

Getting or refinancing a mortgage with a fair rate can most often be a frustrating task, especially if your credit score is bad. With Earnest, it need not be. If your credit score is good, we can process your application fast and without any fuss. If your credit score is bad, we have a process in place that can help you out. We look at your present financial situation and your future earning potential and if we find those two factors favorable, we can skip past you credit score and get you a mortgage with a fair rate fast and with minimal fuss. The time to buy a home in Englewood is now. Home appreciation is up and it will only go up. Earnest can find you a home that is reasonably priced. Owning a home in Englewood not only means fun/healthy living but also a wise investment for the future.
Art deco district of South Beach in Florida USA

Common Questions About Englewood Mortgage Rates

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

People around a computer

The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.